UBS - Layoffs
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We’re looking to hire UBS brokers and I would like to talk to anyone that was a UBS broker or knows someone who was let go. (203) 629-3300
Don’t worry about health insurance. You have COBRA for next 18 months if you need it.
The most important thing to do right now is call all your clients and tell them you have a plan (even if you don’t yet) and you’re doing your due diligence right now on which firm you’re going to go to.
With your A clients, ask them for their input. Ask them which type of firm would they be most comfortable with (wire, regional, indy, etc). They will appreciate the fact that you are including them in them in the decision making process.
I’ve been pleasantly surprised at how fiercely loyal my clients are. Many are angry at UBS and how this was handled. Almost all are coming with me and some have already talked about adding assets to their accounts with me.
Good posts form all. I am staying in the industry. I have 25 years plus series 24 and 8. The few (10-12) big clients have all said they are coming and are exicited about what I am doing. Most are disgusted with the big firms. I will be starting an office in Atlanta, Hybrid type you can be a w-2, full benefits and 45-60% payout or full indie where you cover all expenses I have 90% of the details worked out, through an indie firm. Also the ability to work out yout won deal in a bank if you know a bank that would want your services and share revenu. The hybrid office will have everything you need, asst,conf room, full tech, paperless office, bond offerings from over 90 firms on the street, detailed performance reporting and you can work on investment banking deals and get paid. Curious about opinions on clearing firms. Any opinions on First Clearing, Peshing, NFS or RBC? I used to set up offices for another indie firm a few years ago as well as running all products, insurance agency, recruiting compliance (still on medication for that) etc. I figure besides UBS there are others that are getting squeezed out with lower payouts. Looking for other ideas and thoughts what would make a perfect office. BTW no giant egos allowed just small to mid sized ones.
One thing that I haven’t seen mentioned on this list is the fact that Hoekstra ran WMUS
into the ground over the last three years (at least). This was my opinion and a manager happened to say exactly these words last week to me-outside of the office. The bloated overhead from the coaching initiative as well as the new MAM structure that was implemented at the end of 2007, *after* business had started declining, was a disaster that Marten decided not to rectify. The list goes on, but the dual credit card program is another example of his blunders. Had WMUS reduced expenses sooner, we wouldn't have had to seen the meat axe taken to us, and profitable brokers let go due to one bad trailing twelve might have been given a little more time to recover. That being said, UBS won't be a happy place to work at, and I feel a great sense of relief not working for the 'great satan' any more.Snapshot was taken 3/09 (rumor). guideline was 250 based on los 5 plus. BOMs did have some clout and were able to make arguments on a case by case basis. Assets were irrelevant. Favors were limited depending on branch profitability. Some had no choice and had to raise avg production and profitability. Small cities were more difficult due to demographics. There was no line in the sand. EFLs would have affected branch bottom line so not many were forgiven but my guess is anyone under 300 maybe even 400 life will be (insert expletive) unpleasant. I heard one FA with 20 plus years at UBS,Paine etc lost a large acct and production went under 250 and was canned. Over that time he did over 10mm in gross plus money made on lending, cash etc. Not a great way to reward loyalty eventhough he proabably should not have relied on one account for so long. Good lesson not to cruise if you are going to live and die on one account. Always press forward you never know what may happen, even if a client has been with you for years.
Thanks for the input…I know 3-4 people who have been there about 1-2 years and all had some problems bring clients over, so gross was down for them + the market…Pretty much the ones I am friends with came over doing about 350k, but all four are under 200K t-12, couple way under and they had nothing happen here. They were kind of worried just because of the unknown, but like I said nothing has happened so far. One guy maybe at 120K t-12. Were all guys on deals (efl contracts) left alone???
Kudzu:
I did not realize that anyone with that many years experience at UBS in Atlanta had been laidoff. I thought there were 15 in total in the city who either were cponseled out by manager earlier 3-4 weeks or laidoff.
Sorry it happend to you. Good luck with your venture.
Kudzu:
It was bottom quintile of brokers. About 2/3 of the NFA associates system wide were laid off. I believe if you were an NFA on team or were making the numbers on own were not let go. There will be further layoffs in management as market ares have shrunk to 20 and 7 regional managers will take some of those slots. I also think that some offices will be consolidated across the system. In Atlanta it does nort really make much sense to have 3 offices on Peachtree Street.
I have been trying to get on the transition website using multiple browsers since the 22nd with no success. What a joke but certainly no surprise from such a chickensht excuse for a viable firm.
I was with UBS through the DotCom boom/bust ( It’s a New Economy! Target price for Qualcom is $1000), the Enron/Woldcom debacle (stellar UBS analyst Ron Barrone’s strong buy rating on Enron right up to the bitter end), the auction rate freeze up ( it’s a great way to initiate client relationships !! , then: it’s no big deal that we’re going to put this on your U4, a lot of other people are going to have the same issue), the mortgage meltdown and finally the tax-evasion issue ( so what if one of our directors is a fugitive from justice ).
My BOM was a premier prick through all of this, as were the slithering sycophant suits that he has to kiss ass everyday.
I’m out of there and I’m not looking back. No more of that crap for me. I called all of my A list clients and they are pissed and preparing to leave. I learned a lot but I’m not going back into that bullsht business. I have a lot of other skills and talents and I’m not going to waste any more time moldering away in that backstabbing industry. Everyone still there has an ever growing target on their ass.
[quote=outofthere]I have been trying to get on the transition website using multiple browsers since the 22nd with no success. What a joke but certainly no surprise from such a chickensht excuse for a viable firm.
I was with UBS through the DotCom boom/bust ( It’s a New Economy! Target price for Qualcom is $1000), the Enron/Woldcom debacle (stellar UBS analyst Ron Barrone’s strong buy rating on Enron right up to the bitter end), the auction rate freeze up ( it’s a great way to initiate client relationships !! , then: it’s no big deal that we’re going to put this on your U4, a lot of other people are going to have the same issue), the mortgage meltdown and finally the tax-evasion issue ( so what if one of our directors is a fugitive from justice ).
My BOM was a premier prick through all of this, as were the slithering sycophant suits that he has to kiss ass everyday.
I’m out of there and I’m not looking back. No more of that crap for me. I called all of my A list clients and they are pissed and preparing to leave. I learned a lot but I’m not going back into that bullsht business. I have a lot of other skills and talents and I’m not going to waste any more time moldering away in that backstabbing industry. Everyone still there has an ever growing target on their ass.[/quote]
Sorry to hear it…but why did you stay all these years when they obviosuly were such a bad firm…why wait to have them can you? Seemed I would have moved after the first of that long list of debacles they went through…no?
I worked in the back office in Weehawken 10 years ago when it was still PaineWebber, still had name recognition and was the #3 brokerage house. The great debacle that is UBS today is at the feet of Marron & Grano who greedily sold out a respected firm to the Swiss megabank. Ill-fit for all involved and there’s been just one clusterf*ck after another since the deal was done.
My first experience with Grano, shortly after the UBS buyout announcement, went like this:
My branch manager was running around the office franticly looking for an ashtray. Soon the hall way stunk of cigarette smoke. I walked down the hall to see who had the balls to smoke in violation of state and federal law. There was Joe puffing away. I guess the rules didn’t apply to him or his swiss masters.
Sorry to hear about the frustration of those that are suddenly let go with no advance warning. When one door closes another one opens. For those curious about the independent channel, I would get the book Going Independent at www.cantella.com to learn more about that side of the business.
There was a question about the Series 24 exam. If you join an independent B/D they will typically sponsor you to take any exam you want. Usually the home office or a local branch will supervise your activity until you pass the exam. As for the other question about health insurance, here is some information about COBRA.Q1: I have heard that the stimulus package signed by the President included a temporary COBRA premium reduction. I would like more information.
The stimulus package, which was enacted as the American Recovery and Reinvestment Act of 2009 (ARRA) temporarily reduces the premium for COBRA coverage for eligible individuals. COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985) allows certain people to extend employer-provided group health coverage, if they would otherwise lose the coverage due to certain events such as divorce or loss of a job.
Individuals who are eligible for COBRA coverage because of their own or a family member's involuntary termination from employment that occurred from September 1, 2008 through December 31, 2009 and who elect COBRA, may be eligible to pay a reduced premium. Eligible individuals pay only 35% of the full COBRA premiums under their plans for up to 9 months. This premium reduction is generally available for continuation coverage under the Federal COBRA provisions, as well as for group health insurance coverage under state continuation coverage laws.
Q3: How can I tell if I am eligible to receive the COBRA premium reduction?
ARRA makes the premium reduction available for "assistance eligible individuals." An Assistance Eligible Individual is a COBRA qualified beneficiary who meets the following requirements:
Is eligible for COBRA continuation coverage at any time during the period from September 1, 2008 through December 31, 2009;
Elects COBRA coverage (when first offered or during the additional election period provided by ARRA); and
The COBRA election opportunity relates to an involuntary termination of employment that occurred at some time from September 1, 2008 through December 31, 2009.
However, if you are eligible for other group health coverage (such as through a new employer’s plan or a spouse's plan) or Medicare you are not eligible for the premium reduction.
Moreover, electing the premium reduction disqualifies you for the Health Coverage Tax Credit, which could be more valuable to you than the premium reduction. Additionally, certain high-income individuals may have to repay the amount of the premium reduction through an increase in their income taxes. See FAQ #9 below for more information.
Q9: Are there income limits for the premium reduction?
If the amount you earn for the year is more than $125,000 (or $250,000 for married couples filing a joint federal income tax return), you may have to repay all or part of the premium reduction through an increase in your income tax liability for the year. If you think that your income may exceed the amounts above, you may wish to consider waiving your right to the premium reduction. For more information, consult your tax preparer or visit the IRS web page on ARRA. There is more information at www.dol.gov This is the nastiest market we have seen in over 30 years. However, this may be the wake up call you needed to do what is best for yourself, your family, and your clients. Good luck!!!
I think you have to access it through ConsultWorks mobile. Just one last chance to piss people off.
Are you serious? Last thing I had to do was hand in the security dongle. How do ya get on CW Mobile without it?
https://www.transition.ubs.com/HRC2/index.jsp
The trick is to add an "s" onto http. I had to hack into UBS and accessed the area "how to mess with terminated employees ". They explained all the #$%@ they are doing to make life difficult for us to get our lives on order like misprinting the website on our termination package. BTW it looks like health coverage runs out end of April. I hope this helps and despite my attempt at cynical humor always look forward, nothing comes out of dwelling on the past. But this forum is a good way to get some anger out. I am finding some great options out there if you still want to stay in production.